NASA Will Man Destruct Switch Just In Case
Ant writes "Popular Mechanics reports if the looming Discovery mission or any other between now and the spacecraft's retirement loses control, National Aeronautics and Space Administration (NASA) is prepared to ditch it in the Atlantic ocean — or blow it up. The article also shows complete no-fly-zone maps and a photograph of the switch."
The "Test" button probably checks the detonation circuits, WITHOUT igniting the actual charges. And the "Safe" button is probably for permanently disarming the charges once the shuttle's in orbit.
When our name is on the back of your car, we're behind you all the way!
The Solid Rocket Boosters can't be stopped once they are started, but they have their own navigation system (rate gyro assemblies, and inertial measurement units) that are considered as/more reliable as those on the orbiter due to the rigidity of the SRBs. So the reason this "self destruct" button exists is because there is no "off" button for the SRBs, but, as far as I know, it is only an issue if its quad-redundant navigation system fails and somehow its thrust gets stuck in an unsafe vector, and that is very unlikely.
More detail, including why you can't jettison the flight deck with all the crewmembers: http://en.wikipedia.org/wiki/Space_Shuttle_abort_modes
For the technical details on how this works, check out an old Risks article here. They put a lot of thought into the system.